Economic Survey 2022 Highlights: Revival In Economic Activities To Pre-Pandemic Levels, Says Principal Economic Advisor
Economic Survey 2022 LIVE: Hello and welcome to the ABP Live blog to get the latest on Economic Survey to be presented on the first day of Budget Session 2022.
Principal Economic Advisor Sanjeev Sanyal, while presenting the Economic Survey, highlighted that the growth in 2022-23 will be driven by widespread vaccinations, gains from supply-side reforms, easing of regulation, robust export growth & availability of fiscal space to ramp up capital spending.
Principal Economic Advisor Sanjeev Sanyal said inflation during the year 2021 reflected the disruptions caused by the lockdown & supply chain disruptions.
Principal Economic Advisor Sanjeev Sanyal, in a press conference presenting Economic Survey 2021-22, said there has been a revival in economic activities to pre-pandemic levels in the year 2021-22.
"Even though the health cost of the second COVID wave was much more severe, the economic cost of it was much milder," he said.
Principal Economic Advisor Sanjeev Sanyal and Chief Economic Advisor (CEA) Dr V Anantha Nageswaran presented Economic Survey 2022.
Tabled in both houses of Parliament, the Economic Survey 2021-22 has pointed to a major rebound in India’s merchandise exports and imports over a short period of time.
"This is remarkable in view of moderation in global trade growth, elevated shipping rates, and persistent problem of container shortages," the Economic Survey 2021-22 noted.
Economic Survey 2021-22 presented by the Union Finance Minister in Parliament today mentions, that retail inflation, as measured by Consumer Price Index-Combined (CPI-C) moderates to 5.2% in 2021-22 (April-Dec) from 6.6% in the corresponding period of 2020-21.
Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 and the Statistical Appendix in Rajya Sabha.
On investment, the Economic Survey 2021-22 expects that Gross Fixed Capital Formation (GFCF) will see a growth of 15 percent in 2021-22.
“Government’s policy thrust on quickening virtuous cycle of growth via Capex and infrastructure spending has increased capital formation in the economy lifting the investment to GDP ratio to about 29.6 percent in 2021-22, the highest in seven years,” as per the Economic Survey 2021-22.
Economic Survey 2021-22 states, one of the reasons that the Indian economy is in a good position is its unique response strategy.
"Rather than pre-commit to a rigid response, the Government of India opted to use safety-nets for vulnerable sections on one hand while responding iteratively based on Bayesian-updating of information. This “barbell strategy” was discussed in last year’s Economic Survey. A key enabler of this flexible, iterative “Agile” approach is the use of eighty High-Frequency Indicators (HFIs) in an environment of extreme uncertainty," the Economic Survey document stated.
As per the Economic Survey 2021-22, a major challenge in the aftermath of the COVID-19 pandemic was the management of debt, both for the Central and State Governments.
"In this milieu, conventional and unconventional measures were taken in order to maintain the orderly market conditions to ensure that the increased financial needs of the Governments are met smoothly while keeping in mind the major objectives of cost minimization, risk mitigation, and market development," the Economic Survey tabled by Finance Minister Nirmala Sitharaman said.
"Supported by these measures, the weighted average cost of the Government on dated securities during 2020-21 was at a 17-year low of 5.79 percent, despite a 141.2 percent jump in net market borrowings," the document said.
As per the Economic Survey 2021-22, the money raised by IPOs has been greater than what has been raised in any year in last decade by a large margin. The Economic Survey states: The tremendous response by all categories of investors in IPOs of companies was reflective of not only the confidence in markets but also that in the corporate sector performance and prospects of the economy in the long run.
The latest Economic Survey tabled by FM Nirmala Sitharaman in Lok Sabha today has mentioned FY22 GDP growth at 9.2 percent.
"Advance estimates suggest that the Indian economy is expected to witness real GDP expansion of 9.2 percent in 2021-22 after contracting in 2020-21," Economic Survey read.
For the Financial Year 2023, the Indian economy is in a good position to witness GDP growth of 8.0-8.5 percent, as per the Economic Survey 2021-22.
In the Lok Sabha, Finance Minister Nirmala Sitharaman has tabled the Economic Survey 2021-22 along with Statistical Appendix.
President Ram Nath Kovind, in his joint address of parliament, highlighted that India's plan to handle food scarcity or related issues during the coronavirus pandemic shows the government's focus.
"Several major countries have experienced scarcity of food-grains and faced starvation during the Corona crisis. But my sensitive government ensured that nobody remained hungry during the worst pandemic in 100 years," President Kovind said.
"My government is providing free ration to each poor household every month under the Pradhan Mantri Garib Kalyan Anna Yojana. This is the world’s largest food distribution program with an outlay of Rupees two lakh sixty thousand crores reaching out to 80 crore beneficiaries for 19 months. Being fully sensitive to the present circumstances, the government has extended this scheme till March 2022," he added in his speech ahead of the Budget Session 2022
Ahead of the Budget Session 2022, President Ram Nath Kovind lauded the way the Indian economy is growing. In his joint address to the parliament, he said India has established itself as "one of the fastest-growing economies."
"With the efforts of my govt, India has once again established itself as the world's one of the fastest-growing economies," President Ram Nath Kovind said in his address ahead of the Budget Session 2022.
President Ram Nath Kovind highlighted India's capability in the fight against Covid. In his address to both the houses of Parliament, President Kovind said India's strength in tackling the covid-19 pandemic "was evident in the vaccination program."
"In less than a year, we made a record of administering over 150 cr doses of vaccine. Today, we're one of the leading nations of the world in terms of administering the maximum number of doses," President Kovind said in his speech.
Background
Economic Survey 2022 LIVE Updates: Hello and welcome to the ABP Live blog to get the latest on Economic Survey to be presented on the first day of Budget Session 2022.
India's Economic Survey 2021-22 will be tabled in Parliament on Monday. The pre-Budget survey shows the state of the economy of the country.
Union Finance Minister (FM) Nirmala Sitharaman will present the economic survey in the Lok Sabha after the President’s Address to both Houses of Parliament. The FM will present the Union Budget for 2022-23 on Tuesday.
One of the most-watched numbers in the Economic Survey is the projection of the GDP for the next fiscal year. The survey is authored by a team led by the Chief Economic Advisor (CEA).
The government has appointed economist V Anantha Nageswaran as the new CEA. Nageswaran, an academic and former executive with Credit Suisse Group AG and Julius Baer Group, succeeds K V Subramanian, who demitted the office of CEA in December 2021 after completing his three-year term.
The Economic Survey for 2021-22 is expected to give a growth projection of around 9 per cent for the next fiscal year as India is showing signs of recovery from Covid-19.
India’s statistics ministry has estimated the economic growth at 9.2 per cent for the current fiscal year. The survey often misses on GDP forecasts, sometimes by a significant margin.
Economic activities were severely impacted as India imposed a strict lockdown in the latter part of March 2020 to check the spread of the virus.
India is poised to grow as the fastest economy in the world during the current financial year with a growth projection of around 9 per cent despite the pandemic.
According to the National Statistical Office (NSO), the economy is expected to record a growth of 9.2 per cent during the current fiscal year, which is a tad lower than the 9.5 per cent figure projected by the RBI.
- - - - - - - - - Advertisement - - - - - - - - -